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Lou Dobbs announced on CNN last night that he is leaving his nightly show effective immediately to pursue new opportunities. The news anchor has 29 years under his belt with the network that currently produces his Lou Dobbs Tonight broadcast.

Lou said, “Over the past six months, it has become increasingly clear that the strong winds of change have begun buffeting this country and affecting all of us.” Listen to the rest of his departure speech in the video below.

During Wednesday’s show, Dobbs reported that CNN President Jonathan Klein let him out of the rest of his contract, and he assured viewers that he is leaving the network under amicable terms. In most circles, the phrase “leaving to pursue new opportunities” means canned. We’re just saying…

Letting no grass grow under his feet, Klein announced that CNN correspondent John King will replace Lou Dobbs, with a program in the 7:00 p.m. time slot beginning early in 2010.

King, who currently anchors the network’s Sunday program State of the Union, said, “I’m thrilled to have the opportunity, at this busy and consequential time, to have a platform to discuss and explore the big issues of our time.”

Listen to Lou Dobbs’ swan song below.